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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2013
Income Taxes |
Provision (benefit) for income taxes calculated based on components of earnings (loss) before income taxes |
Continuing operations |  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
U.S. |  | $ | 86 |  | $ | 32 |  | $ | 23 |
Non-U.S. |  |  | 249 |  |  | 296 |  |  | (419 | )
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|  | $ | 335 |  | $ | 328 |  | $ | (396 | )
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Discontinued operations |  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
U.S. |  | $ | (8 | ) | $ | — |  | $ | — |
Non-U.S. |  |  | (10 | ) |  | (5 | ) |  | (2 | )
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|  | $ | (18 | ) | $ | (5 | ) | $ | (2 | )
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Provision (benefit) for income taxes |
|  | 2013 |  | 2012 |  | 2011 |
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Current: |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 7 |  | $ | (4 | ) | $ | (12 | )
Non-U.S. |  |  | 116 |  |  | 117 |  |  | 139 |
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|  |  | 123 |  |  | 113 |  |  | 127 |
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Deferred: |  |  |  |  |  |  |  |  |  |
U.S. |  |  |  |  |  | 8 |  |  | 11 |
Non-U.S. |  |  | (3 | ) |  | (13 | ) |  | (53 | )
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|  |  | (3 | ) |  | (5 | ) |  | (42 | )
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Total: |  |  |  |  |  |  |  |  |  |
U.S. |  |  | 7 |  |  | 4 |  |  | (1 | )
Non-U.S. |  |  | 113 |  |  | 104 |  |  | 86 |
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Total for continuing operations |  |  | 120 |  |  | 108 |  |  | 85 |
Total for discontinued operations |  |  |  |  |  | (3 | ) |  | (3 | )
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|  | $ | 120 |  | $ | 105 |  | $ | 82 |
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Reconciliation of the provision for income taxes |
|  | 2013 |  | 2012 |  | 2011 |
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Tax provision on pretax earnings (loss) from continuing operations at statutory U.S. Federal tax rate |  | $ | 117 |  | $ | 115 |  | $ | (139 | )
Increase (decrease) in provision for income taxes due to: |  |  |  |  |  |  |  |  |  |
Differences in income taxes on foreign earnings, losses and remittances |  |  | (29 | ) |  | (5 | ) |  | (13 | )
Goodwill impairment |  |  |  |  |  |  |  |  | 224 |
Changes in valuation allowance |  |  | 37 |  |  | (7 | ) |  | 15 |
Tax audits and settlements |  |  | 1 |  |  | (1 | ) |  | 3 |
Other items |  |  | (6 | ) |  | 6 |  |  | (5 | )
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Provision for income taxes |  | $ | 120 |  | $ | 108 |  | $ | 85 |
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Significant components of deferred tax assets and liabilities and deferred taxes included in the Consolidated Balance Sheets | Significant components of the Company's deferred tax assets and liabilities at December 31, 2013 and 2012 are as follows:
|  | 2013 |  | 2012 |
--- | --- | --- | --- | --- | ---
Deferred tax assets: |  |  |  |  |  |  |
Accrued postretirement benefits |  | $ | 60 |  | $ | 89 |
Asbestos-related liabilities |  |  | 157 |  |  | 161 |
Foreign tax credit |  |  | 356 |  |  | 354 |
Operating and capital loss carryovers |  |  | 489 |  |  | 486 |
Other credit carryovers |  |  | 46 |  |  | 46 |
Accrued liabilities |  |  | 89 |  |  | 95 |
Pension liability |  |  | 47 |  |  | 237 |
Other |  |  | 73 |  |  | 97 |
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Total deferred tax assets |  |  | 1,317 |  |  | 1,565 |
Deferred tax liabilities: |  |  |  |  |  |  |
Property, plant and equipment |  |  | 126 |  |  | 120 |
Exchangeable notes |  |  | 10 |  |  | 19 |
Intangibles |  |  | 27 |  |  | 13 |
Other |  |  | 59 |  |  | 83 |
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Total deferred tax liabilities |  |  | 222 |  |  | 235 |
Valuation allowance |  |  | (990 | ) |  | (1,171 | )
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Net deferred taxes |  | $ | 105 |  | $ | 159 |
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Deferred taxes are included in the Consolidated Balance Sheets at December 31, 2013 and 2012 as follows:
|  | 2013 |  | 2012 |
--- | --- | --- | --- | --- | ---
Prepaid expenses |  | $ | 64 |  | $ | 62 |
Other assets |  |  | 237 |  |  | 284 |
U.S. and foreign income taxes |  |  |  |  |  | (5 | )
Deferred taxes |  |  | (196 | ) |  | (182 | )
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Net deferred taxes |  | $ | 105 |  | $ | 159 |
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Reconciliation of the gross unrecognized tax benefits |
|  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
Balance at January 1 |  | $ | 97 |  | $ | 125 |  | $ | 143 |
Additions and reductions for tax positions of prior years |  |  | (3 | ) |  | 8 |  |  | (15 | )
Additions based on tax positions related to the current year |  |  | 9 |  |  | 7 |  |  | 30 |
Reductions due to the lapse of the applicable statute of limitations |  |  | (2 | ) |  | (21 | ) |  | (8 | )
Reductions due to settlements |  |  |  |  |  | (26 | ) |  | (18 | )
Foreign currency translation |  |  | (1 | ) |  | 4 |  |  | (7 | )
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Balance at December 31 |  | $ | 100 |  | $ | 97 |  | $ | 125 |
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Unrecognized tax benefits, which if recognized, would impact the Company's effective income tax rate |  | $ | 92 |  | $ | 89 |  | $ | 114 |
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Accrued interest and penalties at December 31 |  | $ | 35 |  | $ | 33 |  | $ | 49 |
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Interest and penalties included in tax expense for the years ended December 31 |  | $ | 1 |  | $ | (6 | ) | $ | 18 |
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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